The Australian Renewable Energy Agency (ARENA) has approved record funding towards projects helping accelerate the renewable energy transition.
Throughout the 2022-23 financial year, ARENA approved funding of $544.1 million to 60 projects, the largest value of funds approved in a single year for the agency.
ARENA chief executive officer Darren Miller said the numbers highlight the agency’s role in the energy transition.
“At ARENA we’re helping to fast-track Australia’s transition to net zero by 2050. The fact we’re seeing more funding go out to projects highlights the fact that industry is ready and able to tackle this challenge with us,” Miller said.
“With these 60 approved projects alone, we’re looking at total project cost of over $3.5 billion – a significant scale up from previous years and a positive sign of commitment from the sector.
“ARENA’s expertise, deep understanding of the renewable energy sector and willingness to fund innovative and ground-breaking projects means the Agency can provide a pathway to commercialisation for many new technologies and businesses that would otherwise struggle to get off the ground or be potentially lost to overseas markets.”
On top of the approved funding, ARENA also opened applications for the $2 billion Hydrogen Headstart program, which aims to launch large-scale renewable hydrogen projects.